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Exact Sciences Corp EXAS

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Morningstar’s Analysis

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Exact Has Strong Sales Growth, but Losses Widen; Maintain $76 FVE Despite Lower Screening Guidance

Aaron Degagne Equity Analyst

Analyst Note

| Aaron Degagne |

Exact Sciences had a mixed second quarter, with solid top-line growth offset by higher-than-expected sales costs and lower COVID-19 testing revenue. We maintain our $76 fair value estimate and no-moat rating. With the stock down about 7% afterhours, the market appears to be reacting to lower guidance caused by temporary factors. However, even if the stock decline holds, shares will remain materially overvalued, in our view.

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Company Profile

Business Description

Exact Sciences Corporation, headquartered in Madison, Wisconsin, provides cancer screening and diagnostic test products in the United States and internationally. Exact’s Cologuard screening test, a non-invasive stool-based DNA test, is a pre-cancer screening test for colorectal cancer. The company also competes in the precision oncology market with Oncotype DX, a genetic-based treatment selection test for breast, prostate, and colon cancers. With the acquisitions of Base Genomics and Thrive Earlier Detection, Exact is building a multi-cancer early screening test to detect over 14 cancers, a test that would be one of earliest entrants in liquid biopsy (blood-based) cancer screening.

441 Charmany Drive
Madison, WI, 53719
T +1 608 284-5700
Sector Healthcare
Industry Diagnostics & Research
Most Recent Earnings Jun 30, 2021
Fiscal Year End Dec 31, 2020
Stock Type Speculative Growth
Employees 5,000